Stock Market & Financial Investment News

First Community and First South sign purchase and assumption agreementFirst Community Bank and First South Bank jointly announced the signing of a purchase and assumption agreement for First Community to acquire approximately $43M in deposits and $9M in loans from First South. This represents all of the deposits and a portion of the loans at First South's Columbia banking office located at 1333 Main Street. First Community is paying a premium of $800,000 which may be adjusted based on actual account balances at closing date. The banks expect the purchase to close by the end of the third quarter of this year following regulatory approval and the satisfaction of other customary closing conditions.